Bank Stocks Surge on Rate Cut Hopes

Bank Stocks Surge on Interest Rate Cut Hopes; Live Oak Bancshares Sees 5% JumpSeveral bank stocks, including Stellar Bancorp, The Bancorp, Seacoast Banking, Provident Financial Services, and Live Oak Bancshares, experienced significant gains earlier this week, with share prices jumping nearly five percent. This positive movement followed comments from New York Federal Reserve President John Williams, who indicated theres room for a further adjustment in interest rates, sparking optimism about potential cuts. The probability of a rate cut by the central bank at its December meeting rose from thirty-nine percent to over seventy-three percent. Despite the recent uptick, Live Oak Bancshares is still trading well below its fifty-two-week high, with an investment of one thousand dollars five years ago now worth about six hundred eighty-four dollars. The markets quick reaction to potential policy changes highlights the need for a long-term perspective in stock market investing.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.